Sierra Assets Group borrows $8M from Signature Bank for retail property in Washington Heights

Lionel Etra’s Sierra Assets Group through the entity M&H Zuckerbraun, LLC as borrower signed a loan agreement with lender Signature Bank valued at $8.0 million for 1 parcel, including the tax class one-story store building (K1) at 1221 St Nicholas Avenue in Washington Heights. The deal closed on January 16, 2020 and was recorded on February 5, 2020.
The property contains a total of 17,100 square feet of built space. The property has 58,824 square feet of available development rights.
The average loan per buildable square foot is $136.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $176,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link